Orraparn C. Lee
About Orraparn C. Lee
Executive Vice President – Accounting at Alexandria Real Estate Equities, Inc. (ARE). Lee has 15 years with the company (joined October 2009), is 42, a certified public accountant, and holds a B.A. in Economics with a minor in Accounting from UCLA. She oversees accounting operations, including accounting for real estate transactions, joint ventures, and the company’s venture investment portfolio, and has built controls/processes to support ARE’s growth and complexity . Company performance context: since ARE’s 1997 IPO, total shareholder return is 1,199% ; management reports effective disclosure controls as of September 30, 2025, reflecting sound financial reporting oversight .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Alexandria Real Estate Equities (ARE) | Executive Vice President – Accounting | Mar 2022 – Present | Oversees accounting operations (real estate transactions, JV operations, venture investment portfolio); developed controls/processes to support business growth . |
| Alexandria Real Estate Equities (ARE) | Senior Vice President – Accounting | Jan 2018 – Mar 2022 | Led accounting operations team through expansion and complexity; continuity from prior leadership roles since 2009 . |
| Deloitte (Real Estate Assurance) | Senior Associate | Before Oct 2009 | Audited public REITs/private real estate; financial services and non-profit clients; foundational REIT accounting expertise . |
External Roles
No public-company directorships, committee roles, or other external board positions are disclosed for Ms. Lee in ARE’s proxy biography .
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base salary | Not disclosed for Ms. Lee | ARE discloses Named Executive Officers (NEOs) compensation detail; Ms. Lee is not an NEO in the proxy . |
| Target annual bonus % | Not disclosed for Ms. Lee | NEO bonuses are performance-based; non-NEO senior officer specifics (including Ms. Lee) are not itemized . |
| Actual annual bonus | Not disclosed for Ms. Lee | Not itemized for Ms. Lee in the proxy . |
Performance Compensation
NEO program design (context for senior officers):
- Annual performance-based equity (Performance Plan Equity Awards) uses two core metrics and a TSR modifier over a three-year period: 50% FFO Growth Rate, 50% Net Debt to Adjusted EBITDA Ratio; Relative TSR vs FTSE NAREIT Equity Health Care Index modifies payout by ±50%; one-year post-vesting hold; max payout 150% of target . For 2024 measurement year, ARE achieved 5.6% FFO growth and 5.2x Net Debt/Adj. EBITDA, equating to 200% pre-modifier (capped at 150% at vesting in 2026) .
- Governance: double-trigger change-in-control vesting; performance awards vest at greater of target or actual on CoC if not assumed; minimum vesting (time-based ≥ pro-rata over 3 years; performance-based ≥ 1 year); clawback applies .
| Metric | Weighting | Threshold | Target | Maximum | Vesting/Hold |
|---|---|---|---|---|---|
| FFO Growth Rate (2024 vs 2023) | 50% | 3.0% → 25% credit | 4.0% → 63% credit | ≥5.0% → 100% credit | 3-year performance period (2024–2026), 1-year post-vesting hold; max plan payout 150% of target . |
| Net Debt to Adjusted EBITDA Ratio (2024) | 50% | 6.5x → 25% credit | ≤6.05x → 100% credit | ≤5.6x → 200% aggregate with FFO metric (capped later) | 3-year performance period (2024–2026), 1-year post-vesting hold; max plan payout 150% of target . |
| Relative TSR vs FTSE NAREIT Equity Health Care Index | Modifier | ≤25th percentile → −50% | Median → 0% | ≥75th percentile → +50% | Applied to shares earned from two core metrics; total capped at 150% . |
| 2024 actuals for core metrics | — | — | FFO Growth 5.6% | Net Debt/Adj. EBITDA 5.2x | Aggregate outcome 200% before TSR modifier, capped at 150% at vesting in 2026 . |
Note: Ms. Lee’s individual equity grants are not disclosed. The table reflects NEO program terms and plan-level provisions that inform senior officer incentives .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Stock ownership guideline (senior officers) | 3× base salary; all senior officers currently in compliance; 50% of net after-tax shares must be held until guideline met . |
| Anti-hedging / Anti-pledging | Hedging and short-term trading prohibited; pledging prohibited unless the individual maintains sufficient immediately available collateral to prevent forced sales during blackout periods . |
| Clawback | Robust clawback policy; awards under the Incentive Plan subject to recoupment; Board may impose additional recovery provisions . |
| Change-in-control equity treatment | Double-trigger: if awards are not assumed, they vest at CoC; if assumed and involuntary termination within 2 years, vesting accelerates; performance awards vest at greater of target or actual . |
| Minimum vesting | Time-based full-value awards not faster than pro-rata over 3 years; performance-based not earlier than 1 year (limited exceptions) . |
| Beneficial ownership (individual) | Not disclosed for Ms. Lee; not listed among named directors/NEOs . |
| Beneficial ownership (directors and executive officers as a group) | 1,858,984 shares (1.08%) as of March 14, 2025 . |
Employment Terms
| Provision | NEO framework (context) | Ms. Lee disclosure |
|---|---|---|
| Severance (no change-in-control) | Typically one year base salary + prior-year cash bonus; COBRA premiums or equivalent taxable payments for 12 months; equity vests; pro rata fully vested stock grants per formula . | Not disclosed. |
| Severance (upon/within 2 years after CoC; double-trigger) | Multiple of (base salary + prior-year cash bonus): 2.0× for CEO/Co-President-level; 1.5× for other listed NEOs; equity acceleration and additional grant mechanics apply; health benefits as above . | Not disclosed. |
| Death/Disability | Same severance benefits as termination without cause/good reason outside CoC for listed NEOs . | Not disclosed. |
Performance & Track Record (Company context during her tenure)
| Metric | 3 months ended Sep 30, 2024 | 3 months ended Sep 30, 2025 | 9 months ended Sep 30, 2024 | 9 months ended Sep 30, 2025 |
|---|---|---|---|---|
| Revenues from external customers ($000) | 733,817 | 700,635 | 2,168,331 | 2,103,291 |
| Reportable segment NOI ($000) | 530,427 | 485,958 | 1,585,273 | 1,480,791 |
Additional operating quality markers (as of Sep 30, 2025): 97% of leases have ~3% annual escalators; ~91% triple-net; ~92% provide capex recapture; 53% of annual rent from investment-grade or large-cap public tenants .
Compensation Committee & Governance Signals
- Stockholder-friendly practices: caps on incentives, one-year post-vesting hold on substantially all NEO equity, double-trigger CoC, robust ownership guidelines, no tax gross-ups, hedging prohibited, active engagement; 86% say-on-pay support in 2024 cycle for 2023 pay .
- Rigor in performance equity: significant forfeitures of prior performance awards (2021 and 2022 grants) due to TSR underperformance; potential further forfeitures indicated for 2023–2025 and 2024–2026 performance cycles based on current trajectories, underscoring genuine at-risk design for NEOs .
- Independent compensation consultant (FTI) engaged; Compensation Committee entirely independent .
Employment Terms, Related Parties, and Risk Indicators
- Related-party transactions: none requiring disclosure beyond a real estate JV with an affiliate of Norges Bank; no executive-specific related-party dealings reported .
- Insider trading controls: robust insider trading policy; anti-hedging, anti-pledging safeguards; accelerated vesting only under specified double-trigger CoC conditions .
- Disclosure controls: principal officers concluded disclosure controls and procedures were effective as of September 30, 2025 .
Investment Implications
- Alignment/retention: Lee is a long-tenured finance leader with CPA credentials and oversight of mission-critical accounting infrastructure; senior officer ownership guidelines (3× salary) and anti-hedging/pledging policies support alignment and reduce near-term selling pressure, though her individual holdings are not disclosed .
- Pay-for-performance signal: While Ms. Lee’s personal grants are not itemized, ARE’s incentive architecture emphasizes multi-year, formulaic outcomes with meaningful forfeiture risk for NEOs, a positive indicator for governance discipline; minimum vesting and double-trigger terms mitigate windfalls .
- Data gaps: Absence of individual pay, grant detail, and ownership for Ms. Lee limits precision on selling pressure or option overhang; monitor future proxies and Form 4s for transactional signals. Company-wide operating quality (escalators, triple-net mix, capex recapture) and management’s effective controls support execution stability, a favorable backdrop for accounting stewardship .